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v7,、 Consi
Consider the following data on U.S. GDP:
Nominal GDP GDP
Y 宮半 Deflator
0 (in billions of dollars) (base year 2009)
0O14 17,419 108,.3
1994 7,309 73.8
a. What was the growth rate of nominal GDP
between 1994 and 2014? (Hinf: The growth Tate of
avariable X over an N-year period is calculated as
100 X [CXmnal/ Xua0 八 一11
What was the growth rate of the GDP deflator
between 1994 and 2014?
What was real GDP in 1994 measured in 2009
prices?
What was real GDP in 2014 measured im 2009
記于ces7
What was the growth rate of real GDTP between
1994 and 2014?
Was the growth rate 0t nominal GDPhigher 0r
lower than the growth rate 9f real GDP? Explaim.